Subros surges as board considers fund raising

The company stated that a meeting of its board of directors is scheduled to be held on August 9. The board will discuss and evaluate raising of funds by way of issuance of equity shares on preferential basis to one of the existing shareholders of the company, said the company in a filing to the bourses.

Last month, the company entered into a joint venture with Yamamoto Electric Company, Japan, for the localisation of blower motors in India.

Subros is an integrated manufacturer for Auto Air Conditioning systems and Thermal Products in India. It is also among the largest auto air-conditioning manufacturer. The company manufactures compressor, condenser, heat exchanger and other AC components.

Cheering the news, Subros closed at Rs. 340.30 per share, up 2.42 per cent on NSE. The stock attracted a trading volume of 99,133 shares on NSE on Monday.